Press release from Business Wire India
Source: UFLEX Limited
Friday, April 29, 2011 07:00 PM IST (01:30 PM GMT)
Editors: General: Consumer interest, Economy; Business: Agriculture, Banking & financial services, Business services, Financial Analyst, Stock exchanges
--------------------------------------------------
UFLEX Ltd Q4 FY10-11 Net Profit Up 277% at Rs. 181 crore
New Delhi, Delhi, India, Friday, April 29, 2011 -- (Business Wire India) -- --- The Expansion in Mexico to be completed by June, 2011 and produce 30000 TPA of PET film.
--- The first phase of expansion in Egypt to produce 35000TPA of BOPP film commenced operations. Second phase under implementation, to commence by December, 2011 and produce 30000 TPA of PET film and 12000 MTS of CPP film.
--- Announced First Greenfield investment to be made in Poland of $80 million for manufacturing of 30,000 MTs of polyester film to commence operations by June, 2012 and in US of $90 million for manufacturing of 30000 MTS of Polyester film to be commenced by December, 2012
Uflex Ltd, the Bombay Stock Exchange (UFLEX: 500148) and NSE listed, India's largest flexible packaging company closed the financial year ended March 31, 2011 on a strong note registering an exponential growth of 266% increase in its consolidated net profit at Rs. 695 crore as against Rs. 190 crore for the corresponding period last year, on the back of strong demand trends globally and increasing manufacturing capacities across its facilities in Egypt, Mexico, Dubai and India.
Maintaining a consistent record of highest growth by any company in the sector so far in a quarter, Uflex registered a growth of 277% in its consolidated net profit for the fourth quarter ended March 31, 2011 at Rs. 181 crore as against Rs. 48 crore for the same period last year.
The firm's consolidated revenue for the March quarter of 2010-'11 stood at Rs. 947 crore as against Rs. 679 crore for the same quarter last year, up 40 %.
For the Financial Year ended March 31, 2011, UFlex recorded net revenue at Rs.3410 crore compared Rs.2314 crore in the same period in previous fiscal, up by 47%.
According to Mr. Ashok Chaturvedi, Chairman and M.D. of UFLEX Ltd, "Demand for flexible packaging in India is expected to continue to grow sharply and we remain focused on delivering quality products which has translated in to strong financial results and successful long term relationships globally. UFLEX posted strong volume growth in both its Packaging products and Films Businesses, this quarter. Volume in international operations increased and with the commencement of operation of our expansion facilities in India, Mexico & Egypt during the year, we are expecting a further volume growth and Rs 4,500-crore revenue by end-this fiscal".
Expansion Plans
Uflex recently initiated the setting up of a new plant for manufacturing of 30,000 MTs of polyester film at Poland. The company will set up the plant in Wrzesnia in Poland with an investment of $80 million (around Rs 360 crore), which is expected to be operationalised by June 2012.
The Company has recently announced plans to invest Rs 380-crore to set up a polyester films plant in Kentucky, US with an annual capacity of 30,000 metric tonnes. The US facility will start production by December 2012.
In Mexico, the company is implementing expansion of PET film capacity by 30000 TPA which is expected to be completed by June, 2011.
In Egypt, the Company is ramping up production capacities for BOPP films (Bi-axially Oriented Poly Propylene film) to 35,000 TPA; 30000TPA of PET (Polyester) and 12000TPA of CPP films aggregating to total capacity of 77,000 TPA. The company's planned investments in Egypt are pegged at US$ 135 million. This facility has trade pacts with GCC nations, Southern Europe & Africa, Middle East, West Asia and CIS to access larger markets.
The first phase of this expansion involving added capacities in BOPP films has already commenced operations, while the second phase of setting up facilities for PET and CPP films is expected to be completed by the 3rd quarter of FY 2011-12.
With plans of new manufacturing lines and corresponding investments UFLEX is all set to achieve the next milestone of touching the $1 billion revenue mark by FY 2012 - the first company in the flexible packaging sector in India to achieve this milestone.
Uflex's present strong manufacturing base in India, Mexico, Dubai and Egypt caters to global markets spanning USA, Canada, South America, UK, Europe, Russia, CIS countries, South Africa and other African countries, the Middle East and the South Asian Countries.
Uflex is the only integrated unit of its kind in the world with flexible packaging at its core. It has vast capacities for production of Polyester chips, Biaxially Oriented Polyethylene Teraphthalate (BOPET) and Biaxially Oriented Polypropylene (BOPP) films, Printing & Coating Inks, facilities for Holography, Metalization & PVDC coating, making Gravure Printing Cylinders & Flexo Printing plates, Gravure Printing, Lamination and Pouch formation.
The company's partial client list includes Unilever, Pepsi, Wrigley, Procter & Gamble, Colgate, Palmolive, Nestle, Gillette, Ranbaxy, Perfetti, Joyco, Monsanto, ITC, Godrej Pillsbury, Tata Tea, Hindustan Petroleum, Indian Oil, Britannia, Dabur, Haldiram, Wockhardt, HUL, Parle Biscuit, and Birla 3M, among others.
About UFLEX Ltd
UFLEX Ltd is the Bombay Stock Exchange (UFLEX: 500148) and NSE listed India's largest flexible packaging company with large manufacturing capacities of plastic film and packaging products providing end-to-end solutions to clients across more than 108 countries.
Synonymous with flexible packaging industry in the country, UFLEX group has Gross annual revenue of Rs. 47 billion and Gross Capital Investment across the world of about Rs. 32 billion.
UFLEX offers finished packaging of a wide variety of products such as snack foods, candy and confectionery, sugar, rice & other cereals, beverages, tea & coffee, desert mixes, noodles, wheat flour, soaps and detergents, shampoos & conditioners, vegetable oil, spices, marinates & pastes, cheese & dairy products, frozen food, sea food, meat, anti-fog, pet food, pharmaceuticals, contraceptives, garden fertilizers and plant nutrients, motor oil and lubricants, automotive and engineering components etc.
CONTACT DETAILS
T. Anand Mahesh, Mavcomm Consulting Pvt. Ltd., +919350266285, anand@mavcommgroup.com
Neeraj Atri, Mavcomm Consulting Pvt. Ltd., +919811714871, n.atri@mavcommgroup.com
KEYWORDS
CONSUMER, ECONOMY, AGRICULTURE, BANKING, BUSINESS SERVICES, Financial Analyst, STOCK EXCHANGES
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
Submit your press release at http://www.businesswireindia.com
No comments:
Post a Comment